INITIAL drilling at Kusi prospect of Pacific Niugini’s Garaina Gold Project, has added support to the possibility of discovering a large-scale epithermal gold and porphyry copper-gold system. Garaina is in the Owen Stanley Ranges, about 70km southeast of the Hidden Valley mine.

An article looking at parallels between environmental regulation of deep sea mining and Deep Sea Tailings Placement (DSTP) in Papua New Guinea. It has been prepared by Dr Keri Wallace and Dr Tracy Shimmield of SAMS Research Services Ltd (SRSL).

THE Papua New Guinea Government is developing offshore mining legislation that will determine the regulation and policy necessary to administer deep sea mining prospects in PNG territorial waters. The key government aim is to mitigate and manage the environmental impacts of this new industry, so as to further develop the country’s mineral production.

A LONGSTANDING exploration application for Powell tenement in East New Britain has been granted to Coppermoly by PNG’s Minister for Mining for two years. The 763sqkm tenement lies in the Powell Copper Belt, a northwest trending fault structure highly similar to the Kulu-Awit structure containing Coppermoly’s advanced licences and applications in West New Britain.

HIGHLANDS Pacific has received encouraging nickel laterite assay results from reconnaissance exploration on its Sewa Bay tenements on Normanby Island at the southeast tip of PNG. Nickel laterites encountered have similarities to other ocean arc nickel deposits such as Kurumbakari (Ramu project) in PNG and other nickel projects in Philippines, Indonesia and New Caledonia.

Goldminex continues to advance its promising Kiki prospect within the flagship Liamu Project area, 120km east of Port Moresby in the Owen Stanley region.

A diamond drilling program was undertaken at the Kiki prospect to test geophysical chargeability and aeromagnetic targets.

Morumbi Resources has reported positive developments on Bougainville with respect to the formation of mining policy. A mining policy on the island is a condition precedent under the 2004 Bougainville Constitution in order to demonstrate administrative capacity for the drawdown of full powers over mining to the Autonomous Bougainville Government (ABG) from Papua New Guinea.

Regency Mines has revealed that Direct Nickel Limited (DNi), in which it has a 7.5% stake, is making headway with testing of the nickel laterite treatment process at its Perth test plant.

With international commodity prices and exchange rates remaining volatile, St Barbara has sold forward 240,000 ounces of gold at Aus$1390 per ounce in a bid to specifically manage financial risk and assure overall cash margins during a period of additional and production ramp-up in its Pacific Operations.

PNG Gold expects to continue scaling down both operating and head office costs for the remainder of 2013 and into 2014 until plans for the next phase of exploration is finalized.

The Board of Foyson Resources has decided to relinquish its tenements at Golden Peak and North New Britain, and not progress with its exploration licence at Manus Island. This leaves the prime copper/gold focus on the South New Britain Atui porphyry deposit and the New Ireland copper/gold exploration licence applications.

Marengo Mining has received final assay results from its 2012 drill program at the Yandera Copper-Molybdenum-Gold Project in Madang province. 

Marengo Mining’s largest shareholder Sentient Executive GP IV will buy 9% of the company’s unsecured convertible debentures to bring its total holding to 34.6%. Marengo has entered into a non-binding term sheet to complete a non-brokered private placement of US$18.8 million in the debentures, which are to be issued in two tranches.

Gold Anomaly has increased its stake in the flagship Crater Mountain Gold and Copper Project to 100%, acquiring the interests owned by Triple Plate Junction (8%) and Celtic Minerals (2%).

Coppermoly has re-started exploration at its Makmak tenement on the south coast of New Britain Island, after access to the site was hampered for the past month due to inclement weather. Makmak is accessible by 4WD along logging tracks from Kimbe, West New Britain’s provincial capital. 

Indochine Mining has received results from the last 58 holes in its 2012 diamond drill program which totalled 7790 metres at the Mt Kare Gold Project in PNG’s central highlands. The program achieved a number of outcomes for the company, including confirmation of historical high grades of mineralization identified prior to Indochine’s acquisition of the project in 2011. 

A major field exploration program will begin at leading Australian nickel producer Mincor Resources’ 72%-owned Bolobip copper-gold porphyry project site in Papua New Guinea.

The fifth prospect to be drilled at Highlands Pacific’s Star Mountains project in Papua New Guinea’s western province has confirmed high grade copper-gold zones. 

Gold Anomaly’s major shareholder FreeFire Technology has agreed to underwrite a $6.9 million renounceable rights issue and an immediate $1.5 million bridging loan for the ongoing exploration and potential trial mining of the Crater Mountain project in the eastern highlands. The exploration will focus on drilling the project’s high grade and main zones.

PNG Gold has announced its strategic goals for this year under the guidance of a new management team which was appointed mid-2012. 

Results from drilling at Coppermoly’s Nakru prospect on New Britain have confirmed further high-grade mineralization. Best results are 26 metres @ 0.11% copper and 0.12 grams/tonne gold from 3 metres and 43 metres @ 0.94% copper and 0.35 grams/tonne fold from 107 metres.